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44 Cards in this Set
- Front
- Back
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Define Marketing:
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The process by which companies create value for customers and build strong customer relationships to capture value from customers in return. (Social media is a very good way to gain/low value from customers)
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What is the company that Rasmussen works for/kept mentioning in the first class?
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Medtronic, creates insulin pumps for people with type II diabetes.
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What are the steps in the marketing process?
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1. Understand the marketplace and customer needs and wants
2. Design a customer driven marketing strategy 3. Construct an integrated marketing program that delivers superior value 4. Build profitable relationships and create customer delight 5. Capture value from customers to create profits and customer equity. |
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What is a need?
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Things that when without, we are left with a state of felt deprivation.
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What are demands?
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Demands are wants that are backed with buying power
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What are wants?
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The form human needs take shape as by culture and individual personality.
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What are market offerings?
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A combination of products, services, information or experiences offered to a market to satisfy a need or want.
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What is marketing myopia?
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Focusing only on existing wants and losing sight of underlying consumer needs.
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What implications does marketing myopia have on Medtronic?
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Medtronic could be in a marketing myopia if another competitor comes in because they would be too focused on competing with the competitor instead of really addressing consumer needs. We need innovation and if a competitor comes in Medtronic would be too focused on competing.
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What is marketing management?
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Marketing management is the art and science of choosing target markets and building profitable relationships with them.
- what customers will we serve? - how can we best serve these customers? |
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What is the age group that companies love to market to most?
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18-34 year old males because of high amounts of disposable income as well as a higher likeliness to impulse buy.
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What is market segmentation?
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Market segmentation is diving the market into segments of customers.
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What happens when there is too much market segmentation?
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There are too many markets and too many products and it becomes very expensive to have too many markets and products.
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What is target marketing?
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Choosing which market segments to go after.
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What is demarketing?
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Demarketing is marketing to reduce demand temporarily or permanently; the aim is not to destroy demand but to reduce or shift it.
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What are a few examples of demarketing?
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Burberry is worn by lower class 'tracksuit wearing' crowds in England and this is a negative stigma because wealthy people are not going to buy the same clothing as less wealthy people so Burberry has left England in hopes of demarketing themselves.
Apple did this with their iPad by saing that the iPad2 is coming out soon so they shifted the market. |
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What is the value proposition?
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The value proposition is the set of benefits or values a company promises to deliver to customers to satisfy their needs.
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What happened to McDonalds in regards to the value proposition?
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McDonalds ran into an issue that they were marketing the food as healthy and good tasting food whereas the food is fatty, cheap and fast. Now in NYC they have to post the fat, salt and sodium content when selling their food so they are being true to their values.
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What is production concept?
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Production concept is the idea that customers will favour products that offer the most quality, and features. Organizations should therefore devote it's energy to making continuous product improvements. BUT talk to customers at the same times because sometimes they are not willing to pay for features.
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What is the selling concept?
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The selling concept is the idea that achieving organizational goals depends on knowing the needs and wants of the target markets and delivering the desired satisfactions better than competitors do
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What is the societal marketing concept?
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Societal marketing concept is the idea that a company should make good decisions by considering consumer's wants, the company's requirements, consumers' long-term interests and society's long-run interests
Salsa advertised themselves as fat-free even though all salsas are 'fat-free' |
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What is the marketing mix?
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The marketing mix is the set of tools (four Ps) the firm uses to implement its marketing strategy. It includes product, price, promotion, and place.
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What are a few examples of demarketing?
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Burberry is worn by lower class 'tracksuit wearing' crowds in England and this is a negative stigma because wealthy people are not going to buy the same clothing as less wealthy people so Burberry has left England in hopes of demarketing themselves.
Apple did this with their iPad by saing that the iPad2 is coming out soon so they shifted the market. |
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What is the value proposition?
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The value proposition is the set of benefits or values a company promises to deliver to customers to satisfy their needs.
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What happened to McDonalds in regards to the value proposition?
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McDonalds ran into an issue that they were marketing the food as healthy and good tasting food whereas the food is fatty, cheap and fast. Now in NYC they have to post the fat, salt and sodium content when selling their food so they are being true to their values.
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What is production concept?
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Production concept is the idea that customers will favour products that offer the most quality, and features. Organizations should therefore devote it's energy to making continuous product improvements. BUT talk to customers at the same times because sometimes they are not willing to pay for features.
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What is the selling concept?
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The selling concept is the idea that achieving organizational goals depends on knowing the needs and wants of the target markets and delivering the desired satisfactions better than competitors do
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What is the societal marketing concept?
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Societal marketing concept is the idea that a company should make good decisions by considering consumer's wants, the company's requirements, consumers' long-term interests and society's long-run interests
Salsa advertised themselves as fat-free even though all salsas are 'fat-free' |
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What is the marketing mix?
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The marketing mix is the set of tools (four Ps) the firm uses to implement its marketing strategy. It includes product, price, promotion, and place.
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What are a few examples of demarketing?
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Burberry is worn by lower class 'tracksuit wearing' crowds in England and this is a negative stigma because wealthy people are not going to buy the same clothing as less wealthy people so Burberry has left England in hopes of demarketing themselves.
Apple did this with their iPad by saing that the iPad2 is coming out soon so they shifted the market. |
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What is the value proposition?
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The value proposition is the set of benefits or values a company promises to deliver to customers to satisfy their needs.
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What happened to McDonalds in regards to the value proposition?
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McDonalds ran into an issue that they were marketing the food as healthy and good tasting food whereas the food is fatty, cheap and fast. Now in NYC they have to post the fat, salt and sodium content when selling their food so they are being true to their values.
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What is production concept?
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Production concept is the idea that customers will favour products that offer the most quality, and features. Organizations should therefore devote it's energy to making continuous product improvements. BUT talk to customers at the same times because sometimes they are not willing to pay for features.
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What is the selling concept?
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The selling concept is the idea that achieving organizational goals depends on knowing the needs and wants of the target markets and delivering the desired satisfactions better than competitors do
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What is the societal marketing concept?
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Societal marketing concept is the idea that a company should make good decisions by considering consumer's wants, the company's requirements, consumers' long-term interests and society's long-run interests
Salsa advertised themselves as fat-free even though all salsas are 'fat-free' |
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What is the marketing mix?
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The marketing mix is the set of tools (four Ps) the firm uses to implement its marketing strategy. It includes product, price, promotion, and place.
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What is the customer-perceived value?
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The difference between total customer value and total customer cost.
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What are the two types of customer relationship levels?
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1. Basic relationship
2. Full partnership |
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What does a basic relationship with customers entail?
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You buy stuff from me
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What does a full partnership with customers entail?
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Not only do you buy stuff from me, but I am a part of your everyday life.
Examples of this are Harley Davidson and Universities. |
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Do universities usually want to make a basic relationship or a full partnership with their students? Why?
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Full partnership because they want to create strong alumni to get donations from
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What is an example of a company that had trouble with Partner Relationship Management?
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Maple leaf foods had problems with this because of a bad mean and catering companies were reflected badly upon them so make sure you have good relationships with suppliers.
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What is an example of a company that had trouble with Partner Relationship Management?
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Maple leaf foods had problems with this because of a bad mean and catering companies were reflected badly upon them so make sure you have good relationships with suppliers.
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What is an example of a company that had trouble with Partner Relationship Management?
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Maple leaf foods had problems with this because of a bad mean and catering companies were reflected badly upon them so make sure you have good relationships with suppliers.
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